Miners, luxury sector weigh on Europe's STOXX 600
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
China sparks global risk-off mood
Spirits makers hit by anti-dumping measures
Vistry plunges as co slashes profit outlook
STOXX 600 drops 0.5%
Updated at 1552 GMT
By Sruthi Shankar, Paolo Laudani and Johann M Cherian
Oct 8 (Reuters) -European stocks settled lower on Tuesday, as a lack of fresh details over China's stimulus measures sparked a selloff in sectors linked to the world's second-largest economy such as mining and luxury.
The pan-European STOXX 600 index .STOXX dropped around 1% to touch a two-week low, before paring losses and declining 0.55%.
Luxury firms such as LVMH LVMH.PA, Kering PRTP.PA, Burberry BRBY.L and Hermes HRMS.PA, which draw a large part of their revenue from China, fell in the range of 0.6% to 4.5%.
Miners .SXPP fell the most among European sectors, down 4.4%, as copper and iron ore prices dropped after Chinese officials failed to inspire confidence in stimulus plans intended to revive the economy. MET/L
Shares of spirits makers Remy Cointreau RCOP.PA and Pernod Ricard PERP.PA dropped 6.4% and 4.2%, respectively, as China announced provisional anti-dumping measures on brandy imports from the European Union.
Luxury stocks and spirit makers weighed on France's stock index .FCHI that underperformed the benchmark STOXX and other markets in the currency union.
"The market can live with some additional tariffs here and there, but it can get escalated if they impose dramatic tariffs more quickly to really turn the screws," said Chris Beauchamp, chief market analyst at IG Group.
"Negotiations are going around cars and engine makers at the moment and are probably the key ones to watch."
A nearly 5% slide in crude prices hurt energy-focused bourses in the UK .FTSE and Norway .OBX that dropped over 1.3% each.
On the data front, German industrial production rose by a larger-than-expected 2.9% in August but did little to lift market sentiment, with traders focused on a gloomy picture of the euro-zone economy.
Still, the STOXX index, along with German .GDAXI, Italian .FTMIB and Spanish .IBEX stocks are on track for annual gains, as investors priced in interest-rate cuts by the European Central Bank.
Economists polled by Reuters expect the ECB to cut its deposit rate by 25 basis points next week and again in December.
Investors also geared up for third-quarter corporate results, with data compiled by LSEG forecasting a 4.6% increase from a year ago.
Among other stock movers, Vistry VTYV.L plunged 24.3% after the British homebuilder cut its fiscal 2024 profit outlook, hurt by increased build costs in one of its divisions.
Imperial Brands IMB.L rose 4% after the maker of Winston cigarettes forecast a growth of 20% to 30% in fiscal 2024 revenue from next-generation products and announced shareholder returns of 2.8 billion pounds ($3.66 billion).
Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru and Paolo Laudani in Gdansk; Editing by Sherry Jacob-Phillips and Rod Nickel
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
